Real Estate Market

Paul’s Mid-Year Condo Trends – Somerville

Somerville Condo Trends 6/30

Somerville Summary: June condo inventory remains at record lows, down 41% from a year ago. ~ Listing market value was down by 37% from 39 million to 25 million in value. ~ The median list price rose over 8% with the active days on market just over one month. ~ Condos going under agreement slipped by 15% from a year ago.

Somerville Condo Sales Chart

The number of condos sold in June also dropped by a third from a year ago, which resulted in a 12% loss in year to date sales. ~ Somerville sold condo market value YTD went down by 2% to 87 million from 89 million in 2012. ~ The median sales price was up 8% YTD. ~ Days on market decreased to 27 days in June 47 days on average YTD. The original price to sale price ratio was 102% of original list price due to competitive bidding. ~ The average square foot price of $383 was up 6% per square foot with the living area increasing less than 12%.

 

Cambridge Condo Trends – March 2013

Cambridge Condo Trends March 2013It is indeed a seller’s market.  Competing multiple offers have become normal with cash buyers dominating Cambridge real estate sales.  I have never seen anything like it in my 24 years in the business.

Cambridge Summary: Inventory remains much lower than a year ago by -38%, a huge challenge for buyers where demand remains high and inventory low. ~ Condo inventory value is down 30% to $62 million vs. 88 million at the end of March last year. ~ The median list price rose 7% with the days on market dropping 18% or by 14 days before going off market. ~ Condos that went under agreement for the month are up 20%.

Cambridge Condo sales chart 3-13

Cambridge condo sales, month to date, are up by 59% with the year to date up by 30%. Sold market volume is up 107% from 19 million to over 39 million in sales. The median sale price was up 19% to $509,900 ~ Multiple offers and quick sales keepthe original price to sale price close to 100%. ~ The average square foot price for March was $498 per square foot up 3.5% from last year.

Cambridge Condo Trends – February 2013

Cambridge Condos February 2013
Sold condos divided by condos for sale shows % of market sold for the month. Absorption rate = how long to sell the inventory based on the % sold for that month.

Cambridge Summary: Inventory remains lower than a year ago by 14%,a real challenge for buyers. Demand remains high and inventory low. ~ Condo for sale market value is flat, down 0.2% at $61.5  million in condo listing volume. ~ The median list price rose 6% with the  days on market dropping 32% or by 44 days before going off market. ~ Condos that went under agreement for the month are up 20%.

Cambridge condo sales 2.13

Cambridge condo sales, month to date, are down by 26% whereas the year to date is up by 5%. Sold market value is down 14% to $9,027 million in sales.  The average sale price was up 16% to $531,000 ~ Multiple offers and quick sales put the original price to sale price at 100%. ~ The average square foot price in February was $516 per square foot up 11%  from last year.

Somerville Condo Trends – February 2013

Somerville Condos 2/13
Sold condos divided by condos for sale shows % of market sold for the month. Absorption rate = how long to sell the inventory based on the % sold for that month.

Somerville Summary: February condo inventory is at record lows, down 42% from a year ago. ~ Listing market value was down by 33% to $26,212,000 in value. ~ The median list price increased by 19% with the active days on market shrank 56% or 37 days. ~ Condos going under agreement were down 16% from a year ago.

Somerville Condo sales chart 2/13 2.13

 

The number of condos sold in February were the same, which resulted in a 13% increase year to date. ~ Somerville sold condo market value went up 31% to $15,312,350. ~ The average sales price was up 29% at $487,855. Days on market improved 37% by 41 days. The original price to sale price ratio was at 99% of original list price due to competitive bidding. ~ The average square foot price was $359, up 7% per square foot with the living area increasing by 66 square feet.

Cambridge Years End Condo Trends 2012

Cambridge Condo Trends 2012

Cambridge Summary: It might seem odd, however inventory has improved to -14% compared to December of last year. ~ Condo listing $ volume exceeded last year by 2% from $ 49 million to 50 million in total condo market value. ~ The median list price is up by 23% with days on market improving by 35 days to around 3 months before going off market. ~ Condos that went under agreement for the month rose by 28%.

Cambridge Condo Sales Chart 2012

Cambridge condo sales, month to date, are up 5% with year to date number of sold condos increasing by 17%. Sold $ volume ended strong up 20% from $355 million in 2011 to $427 million in 2012. The median sale price increased by a modest 2% with the ratio of sale price to original price up 99% due to multiple offer bidding and reduced time on market. ~ The average square foot price for December rose to $508 per square foot compared to $451 last year with the average living area at 1,160 square feet.

Somerville Year End Condo Trends 2012

somerville condo trends 2012

Somerville Summary: December condo inventory remained at record lows, down 60% from a year ago. ~ Listing $ Volume mirrored this, down 58% from $35 million to $14 million in total market value. ~ The median list price decreased by a modest 3% with the active days on market less than 2 months. ~ Condos going under agreement improved by 12% from a year a

Somerville Condo Trends December 2012

 

Condos sold for the month were up big by 76% with year end sales up 29%. ~ Somerville Condo Sold $ Volume for 2012 went up 33% from year end last year. ~ Sold average days on market remained less than 2 months and the median sale price improved by 13%. The original price to sale price ratio remained high at 97% of the original list price due to competitive bidding. ~ The average square foot price was $335 per square foot with the average condo living area at 1,183 square feet.

 

Cambridge Condo Trends for November

Cambridge Summary: Lack of inventory remains low down 28% compared to November last year. ~ Condo listing $ volume remained down by 15% from $71 million to 60 million in market value. ~ The median list price is up by 21% with days on market improving 4 to 3 months before going off market. ~ Condos that went under agreement for the month slipped by 6%.

Cambridge condo sales, month to date, are up 20% with year to date number of sold condos increasing by 17%. Sold $ volume YTD increased by 19% from $324 million in 2011 to $386 million in 2012. The median sale price increased by 16% with the ratio of sale price to original price at 99% due to multiple offer bidding and reduced time on market. ~ The average square foot price for November rose to $503 per square foot with the average living area at 1,093 square feet.

Somerville Condo Trends for November

Somerville Summary: November condo inventory remains at record lows, less 46% from a year ago.. ~ Listing $ volume mirrored this down 47% from $47 million to $25 million in value. ~ The median list price decreased by a modest 4% with the active days on market around 2 months. ~ Condos going under agreement improved by 13% from a year ago.

Condos sold for the month were up a solid 43% with the year to date sales up 27%. ~ Somerville condo sold $ volume YTD is up 30% from the end of November last year. ~ Sold average days on market was less than 2 months and the median price slid by 10%. The original price to sale price ratio remained high at 97% of the original list price due to competitive bidding. ~ The average square foot price was $335 per square foot with the average condo living area at 1,183 square feet.

Somerville Condo Trends – October 2012

Somerville Summary: September condo inventory remains at record lows, down 51% from a year ago. ~ Listing $ volume down 55% from $55 million to $25 million in value. ~ The median list price decreased by a modest 5% with the active days on market dropping 30 days to under 2 months. ~ Condos going under agreement improved by 58%.

 

Condos sold for the month were down 11% with the year to date sales up 25%. ~ Somerville condo sold $ volume YTD is up 32% from the end of October last year. ~ Sold average days on market was less than 2 months and the median price slid by 4%. The original price to sale price ratio remained at 98% of the original list price due to competitive bidding. ~ The average square foot price was $356 per square foot with the average condo living area at 1,048 square feet.